Apple reports mixed earnings
Posted January 23, 2013 8:15 pm.
This article is more than 5 years old.
It was good news and bad news from tech giant Apple as they released their first quarter numbers on Wednesday.
The company reported a higher than expected profit for its first quarter with earnings per-share hitting $13.81 (U.S.) but missed the mark with its revenue, which came in at $54.51-billion.
47.8 million iPhones were shipped in the quarter, about 1 million less than analysts were expecting, and 22.9 million iPads, also about 1 million short.
Apple’s report comes as investors show concern that the company’s rocket-like growth may stall as consumers purchase a growing number of cheaper smartphones from competitors such as Samsung. Apple’s stock has plunged 27 per cent from its all-time high in September. Last week, the stock fell below $500 for the first time in 11 months.
The announcement caused Apple Inc. stocks to fall more than 10 per cent, wiping out a year’s worth of gains.
– With files from The Associated Press
